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Bank Of America Interest Only Mortgage Rates

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Bank of America offers the selection of home loans you’d expect from a major national lender. It is also special in low payment home loans. Some borrowers even qualify for free cash on their home purchase. Additionally, Bank of America has excellent customer reviews and consistently low mortgage interest rates. Check out our detailed Bank of America loan review to determine if BofA is the best mortgage lender for you.

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Bank of America is one of the largest banks in the US, in addition to mortgages, it offers a variety of financial products. Few lenders can match the lineup of loan products and terms. Bank of America offers a preferred rewards program for borrowers who have a bank account with Bank of America and an investment account with Merrill. Borrowers may qualify for a down payment or interest rate reduction based on their qualifying status at the time of application.

Min Down Payment 0% VA Loans 3.5% FHA 3% Conventional Loans, Affordable Loan Solutions® Mortgage, Freddie Mac Home Possible® Mortgage 5% Other Loans

Chase Vs. Bank Of America

It’s important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders listed side by side so you can see how each one stacks up against their competition:

4.5/5 circle I with letter. Our ratings are based on a 5 star scale. 5 stars equals excellent. 4 stars are equal. 3 stars equals good. 2 stars is fair enough. 1 star equals poor. We want your money to do more for you. That’s why our ratings are biased toward deals that offer versatility while minimizing out-of-pocket costs. = excellent = excellent = good = fair = poor

This mortgage lender is a good fit for: Credit-worthy first-time home buyers with little cash on hand. A Bank of America mortgage is a good option for current customers with significant balances at the bank or Merrill Lynch, as they may qualify for rate and payment discounts.

Bank of America Mortgage offers several loan options for cash-strapped borrowers:

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The first two types of loans have income limits and other conditions. There are no income limits on VA loans, but other eligibility requirements apply. Anyone can apply for an FHA loan, but it’s more appropriate for borrowers who don’t qualify for a conventional loan (for example, because they plan to make a down payment of less than 5%).

Many buyers want to handle financial matters from home. Bank of America Mortgage offers a completely online application process.

Some Bank of America customers qualify for a mortgage origination discount. To be eligible, you must be registered for the selected Rewards Program. This program requires a three-month combined average daily balance of $20,000 or more in eligible Bank of America bank accounts and/or Merrill investment accounts. The Preferred Rewards program is free to join, and the initial fee discounts are as follows.

Preferred Rewards members can get a mortgage interest discount of up to 0.625% on a home equity line of credit (HELOC).

Types Of Mortgage Loans

Bank of America Mortgage offers up to a $7,500 closing credit and up to a $10,000 down payment to qualified applicants. The programs can be combined for a total benefit of $17,500, and this money does not have to be returned. Eligibility criteria include income limits, geographic limits, residence limits (primary residence only) and credit limits.

The Bank of America Down Payment Center is a comprehensive online resource. It helps borrowers identify other down payment and cost assistance programs that may be specific to the borrower’s county or city. Bank of America does not place any restrictions on the combination of mortgage assistance programs it allows. It’s important to note that most homebuyer assistance programs are for first-time homebuyers, low- to moderate-income borrowers, or borrowers in designated areas. Many need home buyer education.

Borrowers considering a cash-out refinance loan can look into the Bank of America mortgage home equity line of credit. This loan product comes with no application fee, closing costs, no annual fee and no cash-out fee. Bank of America makes Helloc even more affordable with interest rate discounts. Those are available to customers who set up automatic payments and to customers who spend at least $10,000 first. There’s also no fee to convert a variable-rate HELOC to a fixed-rate loan.

A doctor’s loan or physician loan program is for doctors, dentists and other qualified medical professionals who have enough income to make a 20% down payment but not enough cash. Eligible borrowers can get up to $850,000 with a 3% down payment, up to $1 million in down payments, up to $1.5 million with 10% down and up to $2 million with 15% down. Medical residents and contract fellows can get a loan up to 90 days before starting their new job.

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Bank of America publishes its mortgage rates on its website. That’s convenient for borrowers doing initial research online.

Bank of America Mortgage does not offer USDA loans. USDA loans are insured by the US Department of Agriculture to low- and moderate-income borrowers, usually in rural areas. The main advantage is that there is no prepayment requirement. If you want a zero-down loan from Bank of America, you’ll have to pursue down payment assistance and home buyer assistance through other channels, which can be more work on your part.

You must have at least $20,000 in consolidated balances to receive the Bank of America mortgage origination discount and other financing benefits. Unfortunately, customers with low balances won’t get a down payment discount or interest discount even if they are long-term account holders.

If you don’t qualify for a traditional mortgage, you may have a hard time finding a home loan that fits your needs. Bank of America may not be able to help you, for example, if you are self-employed and qualify for bank statements or profit and loss statements. If you want to buy an investment property based on the rental income you expect to generate, you should look elsewhere.

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For most loans at Bank of America Mortgage, you need a FICO® score of at least 620. You may qualify for an FHA loan with a lower credit score, but the mortgage insurance requirement makes this a more expensive loan.

Most Bank of America mortgage loans require a debt-to-income ratio of less than 50 percent. Your DTI is a percentage of your pre-tax income that goes toward your debt each month, including your new monthly payment for the purchase. Bank of America may allow higher DTIs on certain loans for qualified borrowers.

In general, if your application is weak in one area, you should make a strong showing in other areas. So with a higher DTI, you may need a bigger down payment or have a higher credit score (or vice versa).

Bank of America refinance interest rates are competitive. At the date of our survey, financing rates were similar to the national average. Also, the purchase loan rates were slightly higher.

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Bank of America mortgage rates are competitive. While they run slightly above the national average, the fees are often a little lower than what other lenders charge. When you get a low price, it’s important to ask how much you’ll pay for it. Lenders allow borrowers to receive a consistently low interest rate by paying some of the interest upfront. This is called shopping for mortgage discount points, and it’s an important factor to compare when shopping. You need a credit score of over 740 to qualify for Bank of America’s lowest mortgage rate. If your score is low, your interest

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